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Check out the mortgage refinancing rates for December 23, 2020, which are up from yesterday. (iStock)
Based on data compiled by Credible Operations, Inc., NMLS number 1681276, current mortgage refinancing rates have increased compared to yesterday. The slight increase in mortgage refinancing rates today is the first we have seen in 21 days, with the fixed rate mortgage for 20 years at 2.625%.
- 30-year fixed rate refinancing: 2.625%, unchanged
- 20-year fixed rate refinancing: 2.625%, from 2,500%, +0.125
- 15-year fixed rate refinancing: 2.125%, unchanged
The rates were last updated on December 23, 2020. These rates are based on the assumptions presented here. Actual rates may vary.
If you are thinking of refinancing your home mortgage, consider using Credible. Whether you’re interested in saving money on your monthly mortgage payments or considering a cash refinancing, the free online Credible tool will allow you to compare rates from multiple mortgage lenders. You can see pre-qualified rates in just three minutes.
Current refinancing at 30 years at a fixed rate
The current rate for a 30-year fixed rate refinancing is 2.625%. It’s the same as yesterday.
Current refinancing at a fixed rate of 20 years
The current rate for a 20-year fixed rate refinancing is 2.625%. That ended yesterday.
Current refinancing at 15 years at a fixed rate
The current rate for a 15-year fixed rate refinancing is 2.125%. It’s the same as yesterday.
You can explore mortgage refinancing options in minutes by visiting Credible to compare rates and lenders. Check Credible and get pre-qualified today.
The rates were last updated on December 23, 2020. These rates are based on the assumptions presented here. Actual rates may vary.
How mortgage refinancing rates have changed
Today, mortgage refinancing rates have risen from this period last week. Specifically, fixed rates over 20 years rose slightly to 2.625%, representing the first increase in rates in the last three weeks.
- 30-year fixed refinancing: 2.625%, the same as last week
- 20-year fixed refinancing: 2.625%, up from last week, +0.125
- 15-year fixed refinancing: 2.125%, the same as last week
Do you think this might be the right time to refinance? You can explore mortgage refinancing options in minutes by visiting Credible to compare rates and lenders. Check Credible and get pre-qualified today.
The rates were last updated on December 23, 2020. These rates are based on the assumptions presented here. Actual rates may vary.
The factors behind today’s refinancing rates
Current refinancing rates, such as mortgage interest rates in general, are affected by many economic factors, such as unemployment and inflation. But your personal financial history will also determine the rates we offer you on mortgage refinancing.
Larger economic factors
- The power of the economy
- Inflation rates
- Employment
- Consumer spending
- Housing construction and other market conditions
- Stock and bond markets
- 10-year Treasury yields
- Federal Reserve policies
Personal economic factors
- Credit score
- Credit history
- The size of the advance
- Loan-to-value ratio
- Type, size and term of the loan
- Debt-to-income ratio
- Location of the property
How To Get The Lowest Mortgage Refinancing Rate
If you are interested in refinancing your mortgage, improving your credit score and paying off any other debt can provide you with a lower rate. It is also a good idea to compare rates from different lenders if you are hoping to refinance so that you can find the best rate for your situation.
Borrowers can save an average of $ 1,500 over the life of the loan by buying for a single additional installment and an average of $ 3,000 comparing five installments, according to research by Freddie Mac. Credible can help you compare multiple lenders simultaneously in just a few minutes.
If you decide to refinance your mortgage, be sure to shop around and compare rates from multiple mortgage lenders. You can do this easily with the free online Credible tool and you can see pre-qualified rates in just three minutes.
Credible also has a partnership with a home insurance broker. You can compare free home insurance offers through your Credible partner here. It’s fast, easy and the whole process can be completed entirely online.
Mortgage rates by type of loan
Whether you’re a first-time homebuyer buying a mortgage or looking for lower monthly payments for an existing home, Credible can help you find the right mortgage for your financial goals.
Be sure to check these loan rates, which you will be able to compare based on the annual percentage rate (APR) as well as the interest rate:
More resources for mortgage refinancing
Want to learn more about refinancing your home loan? Take a look at the following articles: